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United Bankshares, Inc. Announces Earnings for the First Quarter of 2024
"UBSI delivered solid performance in the first quarter of 2024," stated Richard M. Adams, Jr., United's Chief Executive Officer. "While the headwinds in the current economic environment persist and continue to create challenges, UBSI's operating metrics remain strong and we are well-positioned for success going forward."
Earnings for the fourth quarter of 2023 were $79.4 million, or $0.59 per diluted share, and annualized returns on average assets, average equity and average tangible equity for the fourth quarter of 2023 were 1.08%, 6.70% and 11.27%, respectively. The fourth quarter of 2023 included $12.0 million of noninterest expense for the FDIC special assessment.
Earnings for the first quarter of 2023 were $98.3 million, or $0.73 per diluted share, and annualized returns on average assets, average equity and average tangible equity were 1.35%, 8.72% and 14.97%, respectively.
First quarter of 2024 compared to the fourth quarter of 2023
Net interest income for the first quarter of 2024 decreased $7.2 million, or 3%, from the fourth quarter of 2023. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, for the first quarter of 2024 also decreased $7.2 million, or 3%, from the fourth quarter of 2023. The decrease in net interest income and tax-equivalent net interest income was primarily due to higher interest expense driven by the impact of deposit rate repricing, a decrease in acquired loan accretion income and a decrease in loan fees. The yield on average interest-bearing deposits increased 15 basis points to 3.10% for the first quarter of 2024. Loan fees for the first quarter of 2024 decreased $677 thousand from the fourth quarter of 2023. Acquired loan accretion income for the first quarter of 2024 decreased $521 thousand from the fourth quarter of 2023. The net interest margin of 3.44% for the first quarter of 2024 was a decrease of 11 basis points from the net interest margin of 3.55% for the fourth quarter of 2023.
The provision for credit losses was $5.7 million for the first quarter of 2024 as compared to $6.9 million for the fourth quarter of 2023.
Noninterest income for the first quarter of 2024 decreased $1.5 million, or 4%, from the fourth quarter of 2023 driven by a decrease of $3.0 million in other noninterest income. The fourth quarter of 2023 included a $2.7 million gain from the payoff of a fixed rate commercial loan that had an associated interest rate swap derivative. Partially offsetting the decrease in noninterest income was a $907 thousand increase in fees from brokerage services primarily due to higher volume.
Noninterest expense for the first quarter of 2024 decreased $11.5 million, or 8%, from the fourth quarter of 2023. This decrease in noninterest expense was driven by decreases in FDIC insurance expense of $10.2 million, other noninterest expense of $4.9 million and in the expense for the reserve for unfunded loan commitments of $2.7 million partially offset by an increase in employee benefits of $4.9 million and an increase in employee compensation of $1.5 million. The fourth quarter of 2023 included $12.0 million of expense for the FDIC special assessment. The first quarter of 2024 included an incremental $1.8 million of expense related to the FDIC special assessment stemming from the FDIC's revised loss estimates. The decrease in other noninterest expense was driven by a decrease of $1.2 million of tax credit investment amortization and a decrease of $1.2 million of expense related to community development lending programs. Additionally, other noninterest expense for the fourth quarter of 2023 included $1.3 million related to trade name intangible impairments. The decrease in the expense for the reserve for unfunded loan commitments was primarily driven by a decrease in the outstanding balance of loan commitments. The increase in employee benefits was primarily driven by higher postretirement benefit costs and higher Federal Insurance Contributions Act ("FICA") costs. Employee compensation for the first quarter of 2024 included approximately $240 thousand of severance expense associated with the previously announced mortgage delivery channel consolidation.
Income tax expense was $21.4 million for the first quarter of 2024 as compared to $24.8 million for the fourth quarter of 2023. The decrease of $3.4 million was due to a lower effective tax rate partially offset by higher earnings. United's effective tax rate was 19.8% and 23.8% for the first quarter of 2024 and fourth quarter of 2023, respectively. The lower effective tax rate was primarily driven by the impact of provision to return adjustments in the fourth quarter of 2023.
First quarter of 2024 compared to the first quarter of 2023
Earnings for the first quarter of 2024 were $86.8 million, or $0.64 per diluted share, as compared to earnings of $98.3 million, or $0.73 per diluted share, for the first quarter of 2023.
Net interest income for the first quarter of 2024 decreased $11.8 million, or 5%, from the first quarter of 2023. Tax-equivalent net interest income for the first quarter of 2024 decreased $12.1 million, or 5%, from the first quarter of 2023. The decrease in net interest income and tax-equivalent net interest income was primarily due to higher interest expense driven by deposit rate repricing, an increase in average interest-bearing deposits, a decrease in acquired loan accretion income and a decrease in loan fees. The decrease was partially offset by the impact of rising market interest rates on earning assets, organic loan growth and a decrease in average long-term borrowings. The average cost of funds increased 104 basis points from the first quarter of 2023 to 3.21% driven by an increase in the yield on average interest-bearing deposits of 127 basis points. Average deposits increased $522.0 million from the first quarter of 2023 driven by a $1.5 billion, or 10%, increase in average interest-bearing deposits. Acquired loan accretion income for the first quarter of 2024 decreased $613 thousand from the first quarter of 2023. Loan fees for the first quarter of 2024 decreased $351 thousand from the first quarter of 2023. The yield on average earning assets increased 60 basis points from the first quarter of 2023 to 5.70% driven by an increase in the yield on average net loans and loans held for sale of 53 basis points. Average net loans and loans held for sale increased $800.5 million, or 4%, from the first quarter of 2023. The net interest margin of 3.44% for the first quarter of 2024 was a decrease of 19 basis points from the net interest margin of 3.63% for the first quarter of 2023.
The provision for credit losses was $5.7 million for the first quarter of 2024 as compared to $6.9 million for the first quarter of 2023.
Noninterest income for the first quarter of 2024 was $32.2 million, a decrease of $532 thousand, or 2%, from the first quarter of 2023 driven by a decrease in mortgage loan servicing income of $1.5 million. The decrease in mortgage loan servicing income was due to lower mortgage servicing rights ("MSRs") balances after the sale of MSRs during the second quarter of 2023. Partially offsetting the decrease in noninterest income was a $1.1 million increase in fees from brokerage services primarily due to higher volume.
Noninterest expense for the first quarter of 2024 was $140.7 million, an increase of $3.3 million, or 2% from the first quarter of 2023, primarily due to increases of $3.9 million in employee compensation, $2.2 million in other noninterest expense and $1.9 million in FDIC insurance expense partially offset by a decrease of $4.4 million in the expense for the reserve for unfunded loan commitments. The increase in employee compensation was driven by higher employee incentives, commissions, base salaries and employee severance. The increase in other noninterest expense was primarily driven by a $950 thousand increase in tax credit amortization and higher amounts of certain general operating expenses. The increase in FDIC insurance expense was driven by $1.8 million of expense recognized in the first quarter of 2024 for the FDIC special assessment. The decrease in the expense for the reserve for unfunded loan commitments was primarily driven by a decrease in the outstanding balance of loan commitments.
For the first quarter of 2024, income tax expense was $21.4 million as compared to $24.4 million for the first quarter of 2023. The decrease of $3.0 million was due to lower earnings and a slightly lower effective tax rate. United's effective tax rate was 19.8% and 19.9% for the first quarter of 2024 and 2023, respectively.
Credit Quality
United's asset quality continues to be sound. At March 31, 2024, non-performing loans were $74.4 million, or 0.35% of loans & leases, net of unearned income. Total non-performing assets were $77.1 million, including OREO of $2.7 million, or 0.26% of total assets at March 31, 2024. At December 31, 2023, non-performing loans were $45.5 million, or 0.21% of loans & leases, net of unearned income. Total non-performing assets were $48.1 million, including OREO of $2.6 million, or 0.16% of total assets at December 31, 2023. The increase in non-performing loans and non-performing assets was driven by one commercial & industrial loan relationship.
As of March 31, 2024, the allowance for loan & lease losses was $262.9 million, or 1.22% of loans & leases, net of unearned income, as compared to $259.2 million, or 1.21% of loans & leases, net of unearned income, at December 31, 2023. Net charge-offs were $2.1 million for the first quarter of 2024, $1.1 million for the first quarter of 2023 and $2.5 million for the fourth quarter of 2023. Annualized net charge-offs as a percentage of average loans & leases, net of unearned income were 0.04% for the first quarter of 2024, 0.02% for the first quarter of 2023 and 0.05% for the fourth quarter of 2023.
Capital
United continues to be well-capitalized based upon regulatory guidelines. United's estimated risk-based capital ratio is 15.6% at March 31, 2024, while estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.2%, 13.2% and 11.4%, respectively. The March 31, 2024 ratios reflect United's election of a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the COVID-19 pandemic, to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%. United did not repurchase any shares of its common stock during 2023 or 2024.
About United Bankshares, Inc.
As of March 31, 2024, United had consolidated assets of approximately $30.0 billion. United is the parent company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United's stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI".
Cautionary Statements
The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its March 31, 2024 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2024 and will adjust amounts preliminarily reported, if necessary.
Use of non-GAAP Financial Measures
This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP"). Generally, United has presented these "non-GAAP" financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United's results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United's management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the banking industry.
Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United's results of operations or financial position.
Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United's management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.
Tangible equity is calculated as GAAP total shareholders' equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United's capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the "permanent" items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.
Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.
Forward-Looking Statements
In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words "expect," "may," "could," "intend," "project," "estimate," "believe," "anticipate," and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these "forward-looking statements." The following factors, among others, could cause the actual results of United's operations to differ materially from its expectations: uncertainty in U.S. fiscal and monetary policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets, interest rate, securities market and monetary supply fluctuations; increasing rates of inflation and slower growth rates; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the Federal Reserve, FDIC, and CFPB; the effect of changes in the level of checking or savings account deposits on United's funding costs and net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; competition; changes in legislation or regulatory requirements; and the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events. For more information about factors that could cause actual results to differ materially from United's expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
EARNINGS SUMMARY: March March December
2024 2023 2023
----------------------------------------------------------------- --------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Interest income $ 369,180 $ 329,303 $ 369,175
Interest expense 146,691 94,983 139,485
-------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- --------------------
Net interest income 222,489 234,320 229,690
Provision for credit losses 5,740 6,890 6,875
Noninterest income 32,212 32,744 33,675
Noninterest expense 140,742 137,419 152,287
-------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- --------------------
Income before income taxes 108,219 122,755 104,203
Income taxes 21,405 24,448 24,813
-------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- --------------------
Net income $ 86,814 $ 98,307 $ 79,390
==================== =========== ==================== ==================== =========== ==================== ==================== =========== ====================
PER COMMON SHARE:
-----------------------------------------------------------------
Net income:
$ 0.64 $ 0.73 $ 0.59
Basic
0.64 0.73 0.59
Diluted
Cash dividends 0.37 0.36 0.37
Book value 35.56 34.14 35.36
Closing market price $ 35.79 $ 35.20 $ 37.55
Common shares outstanding:
135,192,675 134,936,551 134,949,063
Actual at period end, net of treasury shares
134,808,634 134,411,166 134,691,360
Weighted average-basic
135,121,380 134,840,328 134,984,970
Weighted average-diluted
FINANCIAL RATIOS:
-----------------------------------------------------------------
Return on average assets 1.19 % 1.35 % 1.08 %
Return on average shareholders' equity 7.25 % 8.72 % 6.70 %
Return on average tangible equity (non-GAAP)(1) 11.98 % 14.97 % 11.27 %
Average equity to average assets 16.36 % 15.49 % 16.11 %
Net interest margin 3.44 % 3.63 % 3.55 %
PERIOD END BALANCES: March 31 December 31 March 31
2024 2023 2023
----------------------------------------------------------------- --------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Assets $ 30,028,798 $ 29,926,482 $ 30,182,241
Earning assets 26,659,694 26,623,652 26,826,111
Loans & leases, net of unearned income 21,520,076 21,359,084 20,612,159
Loans held for sale 44,426 56,261 68,176
Investment securities 3,954,519 4,125,754 4,777,587
Total deposits 22,919,746 22,819,319 22,284,586
Note: (1) See information under the "Selected Financial Ratios" table for a reconciliation of non-GAAP measure.
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Consolidated Statements of Income March March December
------------------------------------------------------
2024 2023 2023
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Interest & Loan Fees Income (GAAP) $ 369,180 $ 329,303 $ 369,175
872 1,135 866
Tax equivalent adjustment
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
370,052 330,438 370,041
Interest & Fees Income (FTE) (non-GAAP)
Interest Expense 146,691 94,983 139,485
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
223,361 235,455 230,556
Net Interest Income (FTE) (non-GAAP)
Provision for Credit Losses 5,740 6,890 6,875
Noninterest Income:
4,646 4,780 4,508
Fees from trust services
5,267 4,200 4,360
Fees from brokerage services
8,971 9,362 9,107
Fees from deposit services
1,873 1,707 1,923
Bankcard fees and merchant discounts
858 1,138 924
Other charges, commissions, and fees
2,418 1,891 1,855
Income from bank-owned life insurance
5,298 6,384 4,746
Income from mortgage banking activities
789 2,276 783
Mortgage loan servicing income
(99 ) (405 ) 276
Net (losses) gains on investment securities
2,191 1,411 5,193
Other noninterest income
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
32,212 32,744 33,675
Total Noninterest Income
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Noninterest Expense:
59,293 55,414 57,829
Employee compensation
14,671 13,435 9,771
Employee benefits
12,343 11,833 11,690
Net occupancy
7,463 7,473 7,261
Data processing
910 1,279 1,279
Amortization of intangibles
159 667 188
OREO expense
(83 ) (43 ) (126 )
Net (gains) on the sale of OREO properties
6,853 6,996 7,539
Equipment expense
6,455 4,587 16,621
FDIC insurance expense
1,015 1,884 962
Mortgage loan servicing expense and impairment
(1,790 ) 2,600 940
Expense for the reserve for unfunded loan commitments
33,453 31,294 38,333
Other noninterest expense
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
140,742 137,419 152,287
Total Noninterest Expense
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Income Before Income Taxes (FTE) (non-GAAP) 109,091 123,890 105,069
872 1,135 866
Tax equivalent adjustment
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Income Before Income Taxes (GAAP) 108,219 122,755 104,203
21,405 24,448 24,813
Taxes
-------------------- ------- -------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Net Income $ 86,814 $ 98,307 $ 79,390
==================== ======= ==================== ==================== ======= ==================== ==================== ======= ====================
MEMO: Effective Tax Rate 19.78 % 19.92 % 23.81 %
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
-----------------------------------------
March 2024 March 2023 March 31 December 31
Q-T-D Average Q-T-D Average Q-T-D Average 2024 2024 2023
-------------------------------------------------- -------------------- -------------------------------------------------- -------------------- -------------------------------------------------- --------------------------------------------------
Cash & Cash Equivalents $ 1,131,565 $ 1,238,563 $ 1,732,646 $ 1,598,943
Securities Available for Sale 3,717,961 4,450,510 3,613,975 3,786,377
0 0 0 0
Less: Allowance for credit losses
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
3,717,961 4,450,510 3,613,975 3,786,377
Net available for sale securities
Securities Held to Maturity 1,020 1,020 1,020 1,020
(17 ) (18 ) (19 ) (17 )
Less: Allowance for credit losses
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
1,003 1,002 1,001 1,003
Net held to maturity securities
Equity Securities 8,946 7,767 8,762 8,945
Other Investment Securities 316,490 333,256 330,781 329,429
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
4,044,400 4,792,535 3,954,519 4,125,754
Total Securities
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
5,175,965 6,031,098 5,687,165 5,724,697
Total Cash and Securities
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Loans held for sale 43,759 41,015 44,426 56,261
Commercial Loans & Leases 15,630,846 15,048,023 15,725,038 15,535,204
Mortgage Loans 4,757,005 4,215,807 4,769,495 4,728,374
Consumer Loans 1,090,632 1,400,008 1,038,035 1,109,607
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
21,478,483 20,663,838 21,532,568 21,373,185
Gross Loans
(13,631 ) (21,243 ) (12,492 ) (14,101 )
Unearned income
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
21,464,852 20,642,595 21,520,076 21,359,084
Loans & Leases, net of unearned income
Allowance for Loan & Lease Losses (259,341 ) (234,809 ) (262,905 ) (259,237 )
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
21,205,511 20,407,786 21,257,171 21,099,847
Net Loans
Mortgage Servicing Rights 4,427 20,739 4,241 4,554
Goodwill 1,888,889 1,888,889 1,888,889 1,888,889
Other Intangibles 12,185 18,442 11,595 12,505
Operating Lease Right-of-Use Asset 86,375 74,163 86,074 86,986
Other Real Estate Owned 2,668 2,211 2,670 2,615
Bank-Owned Life Insurance 488,401 480,690 490,596 486,895
Other Assets 524,203 547,256 555,971 563,233
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
$ 29,432,383 $ 29,512,289 $ 30,028,798 $ 29,926,482
Total Assets
==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ====================
MEMO: Interest-earning Assets $ 26,087,458 $ 26,177,730 $ 26,659,694 $ 26,623,652
==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ====================
Interest-bearing Deposits $ 16,663,765 $ 15,186,632 $ 16,902,397 $ 16,670,239
Noninterest-bearing Deposits 5,941,866 6,897,030 6,017,349 6,149,080
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
22,605,631 22,083,662 22,919,746 22,819,319
Total Deposits
Short-term Borrowings 203,570 166,614 207,727 196,095
Long-term Borrowings 1,500,237 2,417,999 1,739,434 1,789,103
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
1,703,807 2,584,613 1,947,161 1,985,198
Total Borrowings
Operating Lease Liability 92,480 78,729 92,266 92,885
Other Liabilities 213,989 194,997 262,184 257,840
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
24,615,907 24,942,001 25,221,357 25,155,242
Total Liabilities
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Preferred Equity 0 0 0 0
Common Equity 4,816,476 4,570,288 4,807,441 4,771,240
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
4,816,476 4,570,288 4,807,441 4,771,240
Total Shareholders' Equity
-------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total Liabilities & Equity $ 29,432,383 $ 29,512,289 $ 30,028,798 $ 29,926,482
==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ====================
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March March December
Quarterly Share Data: 2024 2023 2023
--------------------------------------------------------- --------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Earnings Per Share:
$ 0.64 $ 0.73 $ 0.59
Basic
$ 0.64 $ 0.73 $ 0.59
Diluted
Common Dividend Declared Per Share $ 0.37 $ 0.36 $ 0.37
High Common Stock Price $ 38.18 $ 42.45 $ 38.74
Low Common Stock Price $ 32.92 $ 33.35 $ 25.35
Average Shares Outstanding (Net of Treasury Stock):
134,808,634 134,411,166 134,691,360
Basic
135,121,380 134,840,328 134,984,970
Diluted
Common Dividends $ 50,213 $ 48,720 $ 50,066
Dividend Payout Ratio 57.84 % 49.56 % 63.06 %
March 31 December 31 March 31
EOP Share Data: 2024 2023 2023
--------------------------------------------------------- --------------------------------------------------- --------------------------------------------------- ---------------------------------------------------
Book Value Per Share $ 35.56 $ 35.36 $ 34.14
Tangible Book Value Per Share (non-GAAP) (1) $ 21.50 $ 21.27 $ 20.01
52-week High Common Stock Price $ 38.74 $ 42.45 $ 44.15
12/14/23 2/3/2023 11/11/22
Date
52-week Low Common Stock Price $ 25.35 $ 25.35 $ 33.11
10/24/23 10/24/23 5/2/22
Date
EOP Shares Outstanding (Net of Treasury Stock): 135,192,675 134,949,063 134,936,551
---------------------------------------------------------
Memorandum Items:
---------------------------------------------------------
Employees (full-time equivalent) 2,716 2,736 2,836
Note:
---------------------------------------------------------
(1) Tangible Book Value Per Share:
$ 4,807,441 $ 4,771,240 $ 4,606,537
Total Shareholders' Equity (GAAP)
(1,900,484 ) (1,901,394 ) (1,906,507 )
Less: Total Intangibles
-------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- --------------------
$ 2,906,957 $ 2,869,846 $ 2,700,030
Tangible Equity (non-GAAP)
135,192,675 134,949,063 134,936,551
/ EOP Shares Outstanding (Net of Treasury Stock)
-------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- --------------------
UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Three Months Ended Three Months Ended Three Months Ended
March 2024 March 2023 December 2023
------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------
Selected Average Balances and Yields: Average Average Average Average Average Average
-----------------------------------------------------------
ASSETS: Balance Interest(1) Rate(1) Balance Interest(1) Rate(1) Balance Interest(1) Rate(1)
-------------------------------------------------- ------------------------------ ------------------- -------------------------------------------------- ------------------------------ ------------------- -------------------------------------------------- ------------------------------ -------------------
Earning Assets:
$ 882,656 $ 12,303 5.61 % $ 936,394 $ 10,983 4.76 % $ 819,431